TCS leases 3.75 lakh sq ft office building in Bengaluru from Brigade

File photoBENGALURU: Tata Consultancy Services (TCS) has leased about 3.75 lakh sqft of office space in Whitefield from property developer Brigade, according to people familiar with the matter.

India’s largest software services exporter by revenue will be taking up the space in Brigade Bhuwalka Icon, located in ITPL in the eastern fringes of the city. The company is expected to pay rentals in the “mid-40s”, which translates into about Rs 20.25 crore annually. TCS has leased the entire building.

The new office will be used for expansion and consolidation of TCS’ facilities; the people added though it was not immediately clear what sort of operation will be handled from there. TCS could not immediately comment but Brigade confirmed the deal when contacted.

"We are pleased to start a strategic relationship with one of India’s most respected companies- TCS and look forward to growing our business to new heights in the years to come,” CMD MR Jaishankar said.

Average office rent for Grade A office space in Whitefield, which is part of the peripheral business district along with Electronic City, is about Rs 42 per sqft for the first quarter ended March 2017, slightly less than what TCS will be paying, according to a recent report from independent property consultancy CBRE. Rentals around the area have remained stable for the past two years.

Mumbai-based TCS is expected to start operations from its new building, which can accommodate about 4,000 employees, in the next four months. The company has one of the largest real estate portfolios in India. It signed up 1.9 million sqft of built-to-suit space at Hiranandani Estate in Thane last year, making it one of the largest office space leasing deals by area in the country. It also leased 4 lakh sqft in Okaya Tower at Sector 62 in Noida.